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August 8, 2022

Wabtec’s sales rise in Q2 2022 as backlog grows

The sales were increased due to higher freight segment sales while partially offset by decreased transit segment sales.

Wabtec has reported sales of $2.05bn in the second quarter of this year, a 1.8% growth compared with $2.01bn during the same period last year.

The rise was due to higher freight segment sales and partially offset by reduced transit segment sales.

The company’s GAAP earnings per diluted share grew to $0.91 from $0.66, while its adjusted earnings per share increased to $1.23 from $1.06.

Both GAAP and adjusted operating margin improved from last year due to ‘higher sales, increased pricing, improved mix and strong productivity, partially offset by escalating costs associated with metals, transportation and labour’.

The firm reported $263m cash from operations in the second quarter of this year versus $223m in the prior year.

It reported a total backlog of $23.23bn, up $1.70bn as a result of increased orders in the freight segment. The total backlog had a $568m impact due to unfavourable foreign exchange.

Wabtec also concluded the acquisitions of Beena Vision and ARINC for $69m and repurchased $103m of Wabtec shares.

The company now anticipates sales in a range of $8.30bn to $8.60bn and adjusted earnings per diluted share in a range of $4.70 to $5.00 compared with the previous outlook of $4.65 to $5.05, as per its updated 2022 financial guidance.

Wabtec president and CEO Rafael Santana said: “The Wabtec team executed a strong quarter by delivering profitable growth, continued margin expansion and a significant increase in backlog.

“The strength of the business and our team’s relentless focus on disciplined execution was evident in the quarterly financial results despite rising costs, continued supply chain challenges and significant unfavourable foreign currency exchange.”

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